Bahrain-based GFH Financial Group said it has repaid the entire $300 million, which was originally drawn in 2006, to its debt syndicates, nearly two years ahead of schedule.

The facility, which was payable on a yearly installment basis with final maturity in July 2018, has now been settled with a recent payment of an outstanding amount of $29 million.
 
On the successful repayment, Group CEO Hisham Alrayes said: "We are pleased to continue to strengthen our balance sheet with this prepayment. The facility had participation from a mix of GCC and international banks, who were very pleased by GFH’s excellent repayment capability throughout the repayment period despite market challenges."

GFH is one of the most recognised financial groups in the Gulf region dealing in asset management, wealth management, commercial banking and real estate development.
 
"As we deleverage and repay our liabilities, we free up our assets pledged under these financing facilities and are able to generate positive cash flows thereof, which are being deployed to expand GFH’s businesses," noted Al Rayes.

"We have been able to significantly deleverage over the past few years, having had consolidated financing liabilities in excess of $1 billion in 2008 compared to $112 million currently; with a low debt to equity ratio of 16 per cent only," he stated.

According to him, this low ratio provides GFH with a solid platform to grow the business in future.
 
"Today, GFH is a stronger, more liquid and highly capitalized Group and through our sound commercial and investment banking activities, we are set for a brighter future," he added.

Its operations are focused in the GCC, North Africa and India and is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market.-TradeArabia News Service